Guideline Value for Nattar Street

Nattar Street guideline value

The current guideline value of Nattar Street in Velachery village, under the Velacheri SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - III land classification.

How the guideline value of Nattar Street has changed

Over the years, the guideline value of Nattar Street has seen significant changes. Starting from Rs 305 per sq.ft in 2002, the value increased drastically by 392% to Rs 1,500 per sq.ft in 2007. Following this, the value rose by 133% to Rs 3,500 per sq.ft in 2012, but then dropped by 33% to Rs 2,345 per sq.ft in 2017. The value continued to rise, reaching Rs 3,500 per sq.ft in 2023, and then increased by 10% to the current rate of Rs 3,850 per sq.ft in 2024. It is important to note that there is no figure available for the 2003 revision in the register for this street.

Overall, from 2002 to 2024, the guideline value has increased by 1162%. The significant changes highlight the fluctuations in property values over the years, reflecting the evolving landscape of the area.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Nattar Street's current guideline value of Rs 3,850 per sq.ft is below this median.

• Natrajan Street,Gandhi Road: Rs 4,400 per sq.ft (2024)
• Natesan Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Natesan Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Natesan Nagar: Rs 3,850 per sq.ft (2024)
• Natarajan Street/Nataraja Street: Rs 4,400 per sq.ft (2024)
• Narmatha Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Nattar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nattar Street?

The Sub Registrar Office that covers Nattar Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Velachery

The guideline value is a crucial factor when buying or selling property in Velachery. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider the guideline value to ensure compliance with local regulations during property transactions.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is officially recognized and documented, providing legal protection to both parties involved.

Frequently asked questions

What is the current guideline value of Nattar Street?

The current guideline value of Nattar Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 305 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1162% over the years.

What is the land classification for Nattar Street?

Nattar Street is classified under Residential Class II Type - III according to the local regulations.

What are the stamp duty and registration fees for property in Nattar Street?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Where is the Sub Registrar Office for Nattar Street located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.